Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Company's Outstanding Debt

The Company’s outstanding debt is summarized as follows:

Loan	September 30, 2023			December 31, 2022			Interest Rate			Maturity Date
Fayetteville JPM mortgage loan (1)	$	29,500,000		$	29,500,000			4.20	%	7/1/2024
Freddie Mac Utah loans (2)		44,479,164			45,039,660			5.06	%	2/23/2028
Freddie Mac Courtyard loan (3)		62,278,119			62,973,834			4.86	%	9/1/2028
Courtyard Bridge Loans (4)		25,866,550			26,316,550			9.42	%	4/30/2024
Debt issuance costs, net		(773,442	)		(1,014,079	)
Total debt, net	$	161,350,391		$	162,815,965

(1)Fixed rate debt with interest only payments due monthly and the principal balance due upon maturity.

(2)Represents the aggregate of three separate mortgage loans for the three senior housing properties acquired in Utah. Fixed rate debt with interest only payments due monthly for the first two years, then principal and interest on a 30-year amortization schedule beginning March 2020.

(3)Fixed rate debt with interest only payments due monthly for the first four years, then principal and interest on a 30-year amortization schedule beginning September 2022.

(4)The variable rate reflected in the table was the rate in effect as of September 30, 2023.

Future Principal Payment Requirements on Outstanding Secured Debt

The following table presents the future principal payment requirements on outstanding debt as of September 30, 2023:

2023	$	574,381
2024		56,968,257
2025		1,799,440
2026		1,900,615
2027		1,998,274
2028		98,882,866
Total payments		162,123,833
Debt issuance costs, net		(773,442	)
Total	$	161,350,391